Pacific Mining
pp. 76-77 · Read in the full issue
News
From Fiji.
Koroere Gold N.L.
THE directors of Koroere Gold N.L., Fiji, in their annual report state that the Em peror Gold Mining Co., Ltd., has offered to absorb as a going concern the whole un dertaking of Koroere at Tavua. The purchase consideration is £25,000, to - be satisfied by the allotment of ‘ 50,000 fully-paid shares of 10/each in Emperor Mines, Ltd. The directors re commend its acceptance.
Results of development work at Koroere for the year ended January 31 were for the most part disappointing. Rather than call up fur ther capital to finance the more expensive prospecting of the deeper ground, the direc tors decided to adopt the recommendation of the managing director (Mr. E. G. Theodore) by opening up negotiations for disposal of the Company’s assets.
Since the last annual report, additional work has been done at the southern end of the Car digan lode without disclosing much additional ore. The main shaft is being sunk by 100 ft. to test the Cardigan lode at the 200 ft. level.
As there seems some probability of the pay able ore in the West Cardigan lode continuing in depth, it is proposed to sink a shaft over the position of the winze (where 10 dwt. values were disclosed), and continue the exploration of the ore body from that point. An adit was
driven on the North Cardigan lode, and values of 8 dwt. a ton were disclosed: but these val ues declined to 2 dwt. and 3 dwt. The adit was driven 85 ft. and crosscuts at 55 ft., and 85 ft. failed to show anything more encour aging.
Mr. F. A. Campbell, mine surveyor at the Emperor Mine, reports that there are 35,000 tons of mineable ore in the Cardigan lode as saying 9.2 dwt. gold a ton, and in the West Cardigan lode 9,000 tons of mineable ore as saying 11 dwt. A new adit was commenced on the same line of lode as that driven on by No. 5 adit, but at a lower level, from the southern flank of Koroere Hill. As this is the supposed continuation of the Loloma lode, the adit will be continued for some distance if con ditions warrant.
Issued capital of Koroere comprises 90,000 shares fully paid to 10/- each and 210,000 shares of 10/- each paid to 4/6 per share. Net ex penditure of the Company in the year ended January 31 was £5,970, of which £5,414 was spent on work on the Cardigan lode. At the balance date current assets were £1,747 and outside liabilities £456.
Loloma (Fiji) Gold Mines, N.L.
Consistently good gold values over satisfac tory widths of ore continue to be reported by Loloma (Fiji) Gold Mines N.L., Tavua.
The Company reported early in April that at the 224 ft. level in the mine, the South drive off the main East crosscut at 60 ft. had been extended to 730 ft. Average assay value Of the last 38 feet was 30 dwt. a ton, over a width of 68 inches. No. 3 rise off the South drive at 628 ft. from main E. crosscut has been extended to 68 ft. and connected with the winze from the 120 ft. level. Average assay value was 34 dwt. a ton over a width of 57 in.
Recent productions were announced as;— Four weeks ended Dec. 22 Man. 28. Feb. 23. Mar. 23.
Tons treated .. 1,700 1,663 1,875 2,020 Gold, oz., fine 1,999 1,790 2,408% 2,656 Silver, oz., fine 755 591 459 464 Residue, per ton 3.4dwt l.Sdwt I.7sdwt I.9dwt *Mill shut down for 6 days during holidays to convert elevator housing from wood to steel.
Mount Kasi Mines, Ltd.
March production of Mount Kasi Mines Lim ited, Vavua Levu, Fiji, compared with the two previous months as under;— Pour weeks ended Jan. 26. Feb. 23. Mar. 23.
Ore, tons 2,861 2,411 3,128 Gold, fine, oz. . 584 615 661 Value, £ A .. .. 5,110 5,381 5,784
Emperor Mines. Ltd.
The secretary of Emperor Mines, Ltd., states that the option over 70,000 shares paid to 10/-, due on March 18, has been exercised and cer tificates have been issued. Application has been made for the placing of these shares on the official list of the Stock Exchange of Mel bourne. Issued capital of the Company is now £805,000, in 1,710,000 shares of 10/- each.
In the following table the latest production figures of the Company’s operating subsidiary in Fiji, Emperor Gold Mining Co., Ltd., are com pared with those of the two preceding four weekly periods:—
Tons, crushed ..
Jan. 26. .. 11,426 Feb. 23. 12,113 Mar. 23. 12,064 Head value, dwt. 6.8 6.8 6.8 Yield, oz., dwt. .. 3,044 3,798 3,812% Dwt., a ton .. ..
Tailings, dwt. .. 5.33 6.27 6.32 0.63 0.53 0.48
Sukulaki Gold Development, N.L,
Shareholders in Sukulaki Gold Development N.L. (one of the dozen “shows” formed during the Fiji mining boom), at an extraordinary meting held in Melbourne at the end of March authorised the voluntary winding-up of the Company. A liquidation dividend of approxim ately 4/- a share will be paid to shareholders.